Capital's Holiday Inn sold to major investment fund.
AEW purchased the property for approximately $25.9 million on behalf of the AEW Partners IV Fund, the fourth in a series of real estate opportunity funds offered by AEW.
The seller, Wright Investment Properties, a hotel owner/operator based out of Memphis, Tennessee, will continue to manage the hotel.
The full service hotel is well-located at the intersection of 14th Street and Massachusetts Avenue just four blocks from the new Washington Convention Center and five blocks from the White House.
"This is an excellent opportunity to acquire a hotel in one of the top three markets in the country for hotel investment," said Marc Davidson who heads AEW's Partners Group. "The DC metropolitan hotel market has historically been one of the strongest."
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Sep 29, 2004|
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